Rio Tinto (RIO)

Strategists at JPMorgan see the sell-off in mining stocks as a “buying opportunity in a range-bound sector," they wrote in a note to clients, as they upgraded the sector to “overweight" by adding Rio Tinto to their model portfolio.

“Stress in the Chinese steel industry is creating an inventory cycle in iron ore. But final demand should have the last word and we see no evidence of a more serious problem in the most commodity-sensitive parts of China’s economy."